Why Don’t Investors Trade ETF

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Why Don’t Investors Trade ETF. 周行一 Edward H. Chow Professor of Finance, NCCU Dean of College of Commerce 2006/7. No. of Investors trading different categories of stocks post ETF. 單位:人次. Percentage of Investors trading different categories of stocks post ETF. - PowerPoint PPT Presentation

Text of Why Don’t Investors Trade ETF

  • Why Dont Investors Trade ETF

    Edward H. ChowProfessor of Finance, NCCUDean of College of Commerce2006/7

  • No. of Investors trading different categories of stocks post ETF

  • Percentage of Investors trading different categories of stocks post ETF

  • Percentage of Investors trading different categories of stocks post ETF

    F

    yyyymmceocoeoceceototalyyyymmnew_cnew_enew_onew_conew_eonew_cenew_ceototal

    2003061111220030691.67%0.00%8.33%0.00%0.00%0.00%0.00%100.00%

    20030724736362137620030765.69%0.80%16.76%16.49%0.00%0.27%0.00%100.00%

    2003083744716243920030885.19%0.00%10.71%3.64%0.00%0.00%0.46%100.00%

    200309921252113920030966.19%0.72%17.99%15.11%0.00%0.00%0.00%100.00%

    200310113353218020031062.78%0.00%19.44%17.78%0.00%0.00%0.00%100.00%

    20031142272019020031146.67%0.00%30.00%22.22%0.00%0.00%1.11%100.00%

    200312107691519120031256.02%0.00%36.13%7.85%0.00%0.00%0.00%100.00%

    200401731331912620040157.94%0.79%26.19%15.08%0.00%0.00%0.00%100.00%

    200402563513714720040238.10%2.04%34.69%25.17%0.00%0.00%0.00%100.00%

    20040310066444121520040346.51%2.79%29.77%20.47%0.00%0.00%0.47%100.00%

    200404565034114120040439.72%0.00%35.46%24.11%0.00%0.71%0.00%100.00%

    20040535282719120040538.46%0.00%30.77%29.67%0.00%0.00%1.10%100.00%

    20040632225157420040643.24%2.70%33.78%20.27%0.00%0.00%0.00%100.00%

    2004074811238220040758.54%0.00%13.41%28.05%0.00%0.00%0.00%100.00%

    2004083922177820040850.00%0.00%28.21%21.79%0.00%0.00%0.00%100.00%

    20040927751711920040922.69%0.00%63.03%14.29%0.00%0.00%0.00%100.00%

    2004104036199520041042.11%0.00%37.89%20.00%0.00%0.00%0.00%100.00%

    200411481751614020041134.29%0.71%53.57%11.43%0.00%0.00%0.00%100.00%

    20041257552313520041242.22%0.00%40.74%17.04%0.00%0.00%0.00%100.00%

    total1,597177924570252,870total55.64%0.59%27.60%15.92%0.00%0.07%0.17%100.00%

    I

    yyyymmceocoeoceceototalyyyymmnew_cnew_enew_onew_conew_eonew_cenew_ceototal

    2003061871929622152520030635.62%3.62%56.38%4.19%0.19%0.00%0.00%100.00%

    20030711,065799,7334,12518262625,07220030744.13%0.32%38.82%16.45%0.07%0.10%0.10%100.00%

    2003085,1483610,3852,62710111118,22820030828.24%0.20%56.97%14.41%0.05%0.06%0.06%100.00%

    2003095,6836112,4872,3299141320,59620030927.59%0.30%60.63%11.31%0.04%0.07%0.06%100.00%

    2003108,340479,9332,79410141121,14920031039.43%0.22%46.97%13.21%0.05%0.07%0.05%100.00%

    2003115,241419,0651,972213416,33820031132.08%0.25%55.48%12.07%0.01%0.08%0.02%100.00%

    2003127,0484512,0442,005510321,16020031233.31%0.21%56.92%9.48%0.02%0.05%0.01%100.00%

    2004015,845399,2962,0281116717,24220040133.90%0.23%53.91%11.76%0.06%0.09%0.04%100.00%

    2004028,4904922,2136,95912191737,75920040222.48%0.13%58.83%18.43%0.03%0.05%0.05%100.00%

    20040316,16010426,02111,73317273954,10120040329.87%0.19%48.10%21.69%0.03%0.05%0.07%100.00%

    20040411,8714118,6739,687691640,30320040429.45%0.10%46.33%24.04%0.01%0.02%0.04%100.00%

    20040514,625468,5904,527818827,82220040552.57%0.17%30.87%16.27%0.03%0.06%0.03%100.00%

    2004068,038268,7842,16946419,03120040642.24%0.14%46.16%11.40%0.02%0.03%0.02%100.00%

    2004075,976383,9771,54558711,55620040751.71%0.33%34.42%13.37%0.04%0.07%0.06%100.00%

    2004083,603123,5071,2751448,40620040842.86%0.14%41.72%15.17%0.01%0.05%0.05%100.00%

    2004094,66856,4181,70221212,79820040936.47%0.04%50.15%13.30%0.02%0.01%0.02%100.00%

    2004105,541188,0101,5186115,09420041036.71%0.12%53.07%10.06%0.00%0.04%0.01%100.00%

    2004114,30096,7181,3693512,40420041134.67%0.07%54.16%11.04%0.02%0.04%0.00%100.00%

    2004123,82778,4071,24822813,50120041228.35%0.05%62.27%9.24%0.01%0.01%0.06%100.00%

    total135,656722194,55761,634126209181393,085total34.51%0.18%49.49%15.68%0.03%0.05%0.05%100.00%

    J

    yyyymmceocoeoceceototalyyyymmnew_cnew_enew_onew_conew_eonew_cenew_ceototal

    200306308611620030625.86%0.00%74.14%0.00%0.00%0.00%0.00%100.00%

    2003071,290182,7833114114,40820030729.26%0.41%63.14%7.06%0.09%0.02%0.02%100.00%

    2003081,11922,09526013,47720030832.18%0.06%60.25%7.48%0.03%0.00%0.00%100.00%

    2003091,079141,8711643,12820030934.49%0.45%59.81%5.24%0.00%0.00%0.00%100.00%

    2003101,40362,555332114,29820031032.64%0.14%59.45%7.72%0.00%0.02%0.02%100.00%

    200311925192,043118313,10920031129.75%0.61%65.71%3.80%0.00%0.10%0.03%100.00%

    200312928232,45915313,56420031226.04%0.65%69.00%4.29%0.00%0.00%0.03%100.00%

    200401653432,08013112,90820040122.46%1.48%71.53%4.50%0.00%0.00%0.03%100.00%

    200402963243,5972724,85620040219.83%0.49%74.07%5.60%0.00%0.00%0.00%100.00%

    2004031,7421113,568380365,81020040329.98%1.91%61.41%6.54%0.05%0.10%0.00%100.00%

    2004041,435342,73227714,47920040432.04%0.76%61.00%6.18%0.00%0.00%0.02%100.00%

    2004051,155671,98619213,40120040533.96%1.97%58.39%5.65%0.00%0.00%0.03%100.00%

    200406622521,4907232,23920040627.78%2.32%66.55%3.22%0.00%0.13%0.00%100.00%

    200407569231,4335522,08220040727.33%1.10%68.83%2.64%0.00%0.10%0.00%100.00%

    200408590161,31674121,99920040829.51%0.80%65.83%3.70%0.00%0.05%0.10%100.00%

    20040964892,08597212,84220040922.80%0.32%73.36%3.41%0.07%0.00%0.04%100.00%

    20041063981,58110712,33620041027.35%0.34%67.68%4.58%0.04%0.00%0.00%100.00%

    200411617172,00510722,74820041122.45%0.62%72.96%3.89%0.00%0.07%0.00%100.00%

    200412461292,4351144233,04820041215.12%0.95%79.89%3.74%0.13%0.07%0.10%100.00%

    total16,86851540,2003,21615211360,848total27.72%0.85%66.07%5.29%0.02%0.03%0.02%100.00%

    M

    yyyymmceocoeoceceototalyyyymmnew_cnew_enew_onew_conew_eonew_cenew_ceototal

    20030602003060.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    200307158320223824120030765.56%1.24%8.30%9.13%0.00%15.77%0.00%100.00%

    20030828431813110320030827.18%41.75%17.48%12.62%0.00%0.97%0.00%100.00%

    200309967116146136620030926.23%1.91%31.69%39.89%0.00%0.27%0.00%100.00%

    2003101501114615746420031032.33%2.37%31.47%33.84%0.00%0.00%0.00%100.00%

    20031161812535123020031126.52%3.48%54.35%15.22%0.00%0.43%0.00%100.00%

    2003122441018521420031211.21%1.87%47.20%39.72%0.00%0.00%0.00%100.00%

    200401355596416320040121.47%3.07%36.20%39.26%0.00%0.00%0.00%100.00%

    20040257228262313620040241.91%1.47%20.59%19.12%0.00%16.91%0.00%100.00%

    2004036335302321637620040316.76%9.31%7.98%61.70%0.00%4.26%0.00%100.00%

    20040445225717115631620040414.24%6.96%18.04%54.11%0.00%4.75%1.90%100.00%

    2004051749321112092004058.13%23.44%15.31%53.11%0.00%0.00%0.00%100.00%

    2004061226625210720040611.21%24.30%57.94%4.67%1.87%0.00%0.00%100.00%

    20040748715128220040758.54%8.54%18.29%14.63%0.00%0.00%0.00%100.00%

    200408421153111422120040819.00%4.98%23.98%50.23%0.00%0.00%1.81%100.00%

    2004092717391382224320040911.11%7.00%16.05%56.79%0.00%0.00%9.05%100.00%

    200410747176516320041045.40%4.29%10.43%39.88%0.00%0.00%0.00%100.00%

    2004115930244415720041137.58%19.11%15.29%28.03%0.00%0.00%0.00%100.00%

    2004128111033220041225.00%34.38%31.25%9.38%0.00%0.00%0.00%100.00%

    total1,0042989521,440295323,823total26.26%7.79%24.90%37.67%0.05%2.48%0.84%100.00%

    T

    yyyymmceocoeoceceototalyyyymmnew_cnew_enew_onew_conew_eonew_cenew_ceototal

    20030602003060.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    200307111320030733.33%33.33%0.00%0.00%0.00%0.00%33.33%100.00%

    20030821320030866.67%0.00%0.00%33.33%0.00%0.00%0.00%100.00%

    20030911200309100.00%0.00%0.00%0.00%0.00%0.00%0.00%100.00%

    20031011220031050.00%0.00%0.00%50.00%0.00%0.00%0.00%100.00%

    20031102003110.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20031202003120.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    200401112004010.00%0.00%100.00%0.00%0.00%0.00%0.00%100.00%

    20040202004020.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040302004030.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040402004040.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040502004050.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040602004060.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040702004070.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

    20040811200408100.00%0.00%0.00%0.00%0.00%0.00%0.00%100.00%

    20040931420040975.00%0.00%0.00%25.00%0.00%0.00%0.00%100.00%

    200410112004100.00%0.00%0.00%100.00%0.00%0.00%0.00%100.00%

    200411222004110.00%0.00%0.00%100.00%0.00%0.00%0.00%100.00%

    20041211200412100.00%0.00%0.00%0.00%0.00%0.00%0.00%100.00%

    total1011600119total52.63%5.26%5.26%31.58%0.00%0.00%5.26%100.00%

    I

    0.35619047620.03619047620.56380952380.04190476190.001904761900

    0.44132897260.00315092530.38820197830.16452616460.00071793240.00103701340.0010370134

    0.28242264650.00197498350.56972789120.14411893790.00054860650.00060346720.0006034672

    0.27592736450.00296174010.60628277340.11308020970.00043697810.00067974360.0006311905

    0.39434488630.00222232730.46966759660.13211026530.00047283560.00066196980.0005201192

    0.32078589790.00250948710.55484147390.12070020810.0001224140.0007956910.000244828

    0.33308128540.00212665410.56918714560.09475425330.00023629490.00047258980.0001417769

    0.33899779610.00226191860.53914859070.11761976570.0006379770.00092796660.0004059854

    0.22484705630.00129770390.5882835880.18430043170.0003178050.00050319130.0004502238

    0.29870057850.00192233050.48097077690.21687214650.00031422710.00049906660.0007208739

    0.29454383050.0010172940.4633153860.24035431610.00014887230.00022330840.0003969928

    0.52566314430.00165336780.30874847240.1627129610.00028754220.000646970.0002875422

    0.42236351220.0013661920.46156271350.11397194050.00021018340.00031527510.0002101834

    0.51713395640.00328833510.3441502250.13369678090.00043267570.00069228110.0006057459

    0.42862241260.00142755170.41720199860.15167737330.00011896260.00047585060.0004758506

    0.36474449130.0003906860.5014846070.13298952960.00015627440.00007813720.0001562744

    0.3670995097